by General Meeting of Shareholders
of Open Joint Stock Company “Novolipetsk Steel”
Minutes No. 26
dd.« 5 » June 2007
Amendment to the Dividend Policy
of Open Joint Stock Company “Novolipetsk Steel”.
The wording of the second paragraph of Section 4 “Dividend payment”
shall be as follows:
“Declared dividends shall be paid in cash, if the General Shareholders Meeting has not
passed a resolution to pay dividends in non-cash form. The dividends shall be paid to
the shareholders in the amount declared within 90 days from the date of passing a
resolution on dividend payment. The General Shareholders Meeting resolution on noncash
dividend payment shall be approved on a recommendation proposed by the
Company’s Board of Directors, which should state the Company’s property to be
allocated for dividend payments”.